Fisker's New Owner is Ready to Spend Everything to Succeed


Here we go again.

After Fisker's humiliating collapse several months ago, it found a new owner, China's Wanxiang Group Corp. Headed by founder and chairman Lu Guanqiu, the new plan is to manufacture cars in the US and, eventually, China. But Lu is determined to succeed where Fisker and its original founders couldn't. In fact, he couldn't have been clearer about this in his first major interview: "I'll put every cent that Wanxiang earns into making electric vehicles."

He further added: "I'll burn as much cash as it takes to succeed, or until Wanxiang goes bust." In case you didn't know, Wanxiang also happens to be China's largest auto-parts supplier, and Lu himself is worth about $3.1 billion. Some are even dubbing him China's Elon Musk, who's worth roughly $9.2 billion. However, Wanxiang has never produced cars before. The closest it's come is electric buses. In order to gain know-how, it bought Fisker's also bankrupt battery supplier, A123 Systems a couple years ago. Lu equated that to "buying brains," and now feels ready to make the move to cars. So will the Fisker Karma return? Based on what this guy says, it may only be a matter of time.

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